Musk Is World’s Richest Person Again After Tesla Shares Rise

Musk Is World’s Richest Person Again After Tesla Shares Rise

From rocket ships to luxury cars, Elon Musk has once again proven himself as the ultimate master of success. The innovative entrepreneur reclaimed his throne as the world’s richest person on Monday, dethroning French billionaire and LVMH CEO, Bernard Arnault.

Despite a tumultuous week for Tesla stocks, Musk’s determination and ingenuity led to a small recovery, solidifying his position at the top.

Elon Musk’s fortune soared by a staggering $5.5 billion in just one day, propelling his estimated net worth to a jaw-dropping $210 billion, according to Forbes’ live billionaires list.

But the race to the top is far from over as the 74-year-old Bernard Arnault continues to trail closely behind with a fortune of $208.5 billion.

Elon Musk’s fortune skyrocketed as Tesla’s stock surged 4.2% on Monday, reaching a high of $190.93. This impressive rebound comes after a tumultuous week, where the stock had plummeted to $180 due to disappointing quarterly earnings.

However, Musk’s reign as the richest person in the world was short-lived, as Bernard Arnault swooped in to claim the top spot last week. The CEO of luxury brand LVMH saw his wealth surge after the company reported a 13% increase in sales for 2023.

Meanwhile, Amazon’s Jeff Bezos trails behind in third place, with a fortune of $183.4 billion. Will Musk and Arnault continue to battle it out for the top spot, or will Bezos make a comeback? Only time will tell on the real-time billionaires list.

Tesla’s stock has taken a nosedive, dropping by a staggering 23.14% since the beginning of 2024. This unexpected decline comes on the heels of a disappointing earnings report and CEO Elon Musk’s bold declaration of wanting more control over the company’s votes.

The once soaring stock is now facing a rocky road ahead. What could this mean for the future of Tesla and its investors?

Last week, the financial world was rocked as Tesla’s stock price plummeted and Elon Musk’s fortune took a hit. The electric car giant revealed a 23% decline in annual profits during its highly anticipated fourth-quarter earnings report for 2023.

Despite raking in $25.2 billion in sales and earnings of $0.71 per share, the numbers fell short of analysts’ expectations of $25.6 billion and $0.73.

But that wasn’t the only blow to the company’s success. Just a week prior, Musk sent shockwaves through the industry as he threatened to take his advanced AI and robotics projects elsewhere if he didn’t receive a 25% voting power within Tesla.

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